UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

  [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                                     OF 1934

                  For the quarterly period ended March 31, 2006

     [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                 For the transition period from _____ to _______

                        Commission file number: 000-30065

             INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES
             -------------------------------------------------------
             (exact name of registrant as specified in its charter)

IDAHO                                                                 82-0230842

(State or other jurisdiction of                                    (IRS Employer
incorporation or organization)                               Identification No.)


                          501 West Broadway, Suite 200,
                            Idaho Falls, Idaho 82304
                    (Address of principal executive offices)

                                 (208) 529-5337
                           (Issuer's telephone number)

                                      IDAHO
                                      -----

         (State or other jurisdiction of incorporation or organization)
               Registrant's telephone number, including area code:

Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing  requirements  for  the  past  90  days.

Yes  [X]  No  [_]

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  last  practicable  date:

216,834,980  shares  of  common  stock, $0.005 par value per share, as of May 9,
2006.

Transitional  Small  Business  Disclosure  Format  (check  one):  Yes [_] No [X]


<PAGE>
<TABLE>
<CAPTION>
                          TABLE OF CONTENTS

                    PART I - FINANCIAL INFORMATION

<S>   <C>  <C>                                                  <C>
Item   1.  Financial Statements
           Balance Sheets . . . . . . . . . . . . . . . . . . .        3
           Statements of Operations . . . . . . . . . . . . . .        4
           Statements of Cash Flows . . . . . . . . . . . . . .        5
           Notes to Unaudited Financial Statements. . . . . . .        6

Item   2.  Management's Discussion and Analysis . . . . . . . .        8
           Results of Operations. . . . . . . . . . . . . . . .        8
           Capital Requirements . . . . . . . . . . . . . . . .       11
Item   3.  Controls and Procedures. . . . . . . . . . . . . . .       14

                      PART II - OTHER INFORMATION

Item   1.  Legal Proceedings. . . . . . . . . . . . . . . . . .       15
Item   2.  Changes in Securities. . . . . . . . . . . . . . . .       15
Item   3.  Defaults Upon Senior Securities. . . . . . . . . . .       15
Item   4.  Submission of Matters to a Vote of Security Holders.       15
Item   5.  Other Information. . . . . . . . . . . . . . . . . .       15
Item   6.  Exhibits.. . . . . . . . . . . . . . . . . . . . . .       15
           Signature Page . . . . . . . . . . . . . . . . . . .       16
           Certifications . . . . . . . . . . . . . . . . . . .       17
</TABLE>


                                        2
<PAGE>
PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
                      INTREPID TECHNOLOGY & RESOURCES, INC.
                      -------------------------------------
                           CONSOLIDATED BALANCE SHEETS
                           ---------------------------


                                                       MARCH 31,     JUNE 30,
                                                          2006         2005
                                                      (UNAUDITED)    (AUDITED)
                                                      ------------  -----------
<S>                                                   <C>           <C>
ASSETS
------
Current Assets:
  Cash                                                $   276,749   $   65,737
  Accounts receivable, net                                 39,646       98,434
  Prepaid expenses                                         42,095       85,639
  Bond offering costs                                      57,542           --
  Other assets                                                945        1,600
                                                      ------------  -----------

    Total current assets                                  416,977      251,410

Property, plant, and equipment, net                     1,487,672      952,742
                                                      ------------  -----------

    Total Assets                                      $ 1,904,649   $1,204,152
                                                      ============  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------

Current liabilities:
  Accounts payable                                    $   136,832   $  148,419
  Accrued expenses                                        251,162      258,627
  Related party notes payable                                  --       60,613
  Current portion of long term debt                       879,256      382,948
                                                      ------------  -----------

    Total current liabilities                           1,267,250      850,607

Long-term debt                                                 --      830,317
                                                      ------------  -----------

    Total liabilities                                   1,267,250    1,680,924
                                                      ------------  -----------

Commitments and contingencies

Stockholders' equity (deficit):
  Preferred stock $1par value, 5,000,000 shares
  authorized, no shares issued and outstanding                 --           --
  Common stock, $.005 par value, 350,000,000 shares
  authorized, 188,805,116 and 137,694,025 shares
  issued and outstanding, respectively                    944,025      688,470
  Additional paid-in capital                            7,186,200    4,998,505
  Stock subscription receivable                           (16,200)     (16,200)
  Accumulated deficit                                  (7,476,626)   (6,147547)
                                                      ------------  -----------

    Total stockholders' equity (deficit)                  637,399     (476,772)
                                                      ------------  -----------

Total Liabilities and Stockholders' Equity (Deficit)
                                                      $ 1,904,649   $1,204,152
                                                      ============  ===========
<FN>
The  accompanying  notes  are  an  integral  part of these financial statements.
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
                                     INTREPID TECHNOLOGY & RESOURCES, INC.
                                     -------------------------------------
                                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                                -----------------------------------------------


                                                          Three Months Ended           Nine Months Ended
                                                              March 31,                     March 31,
                                                         2006           2005           2006           2005
                                                     -------------  -------------  -------------  -------------
<S>                                                  <C>            <C>            <C>            <C>
Revenue, net                                         $     97,592   $     39,287   $    358,880   $    187,060
Costs of revenue                                           73,049         46,565        288,744        185,403
                                                     -------------  -------------  -------------  -------------

    Gross profit (loss)                                    24,543         (7,278)        70,136          1,657

Operating expenses:
  General and administrative                              415,399        355,136      1,093,366        866,736
  Research and development                                 74,927             --        207,473             --
                                                     -------------  -------------  -------------  -------------

    Loss from operations                                 (465,783)      (362,414)    (1,230,703)      (865,079)

Other income (expense)
  Interest income                                              12              1             12            993
  Interest expense                                        (20,046)        (3,599)       (98,388)       (18,633)
  Loss on investments                                          --             --             --        (12,744)
                                                     -------------  -------------  -------------  -------------

    Loss before provision for income taxes               (485,817)      (366,012)    (1,329,079)      (895,463)

Provision for income taxes                                     --             --             --             --
                                                     -------------  -------------  -------------  -------------

    Net loss                                         $   (485,817)  $   (366,012)  $ (1,329,079)  $   (895,463)
                                                     =============  =============  =============  =============

Net loss per common share - basic and diluted        $         --   $         --   $      (0.01)  $      (0.01)
                                                     =============  =============  =============  =============

Weighted average common shares - basic and diluted    172,218,000    136,622,000    157,169,000    120,280,000
                                                     =============  =============  =============  =============
<FN>
The  accompanying  notes  are  an  integral  part  of  these  financial  statements
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>
                      INTREPID TECHNOLOGY & RESOURCES, INC.
                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                    NINE MONTHS ENDED MARCH 31, 2006 AND 2005


                                                            2006         2005
                                                        ------------  -----------
<S>                                                     <C>           <C>
Cash flows from operating activities:
-------------------------------------
  Net loss                                              $(1,329,079)  $ (895,463)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
    Stock compensation expense                              100,144       72,023
    Depreciation                                             42,022       23,393
    Interest expense on debentures                           22,781           --
    Loss on investment                                           --       17,794
    (Increase) decrease in:
      Accounts receivable                                    58,788      145,655
      Prepaid expenses                                       43,544      (20,757)
      Bond offering costs                                   (57,542)          --
      Other assets                                              655           --
    Increase (decrease) in:
      Accounts payable                                       (8,585)       1,021
      Accrued expenses                                       10,541       51,373
                                                        ------------  -----------

        Net cash used in operating activities            (1,116,731)    (604,961)
                                                        ------------  -----------

Cash flows from investing activities:
-------------------------------------
  Purchase of property and  equipment                      (576,952)    (660,625)
                                                        ------------  -----------

        Net cash used in investing activities              (576,952)    (660,625)
                                                        ------------  -----------

Cash flows from financing activities:
-------------------------------------
  Proceeds from long-term debt                            1,102,681      622,476
  Payments on long-term debt                             (1,109,471)     (38,853)
  Payments on related party notes payable                   (60,613)          --
  Issuance of common stock                                2,087,848      522,672
  Common stock offering costs                              (115,750)          --
  Payments received from stock subscription receivable           --       35,000
                                                        ------------  -----------

        Net cash provided by financing activities         1,904,695    1,141,295
                                                        ------------  -----------

        Increase (decrease) in cash                         211,012     (124,291)

Cash, beginning of period                                    65,737      134,856
                                                        ------------  -----------

Cash, end of period                                     $   276,749   $   10,565
                                                        ============  ===========
<FN>
The  accompanying  notes  are  an  integral  part  of  these financial statements
</TABLE>


                                        5
<PAGE>
Note  1  -  Summary  of  Significant  Accounting  Policies
----------------------------------------------------------

Basis of Presentation
---------------------

The  accompanying unaudited consolidated financial statements have been prepared
in accordance with United States generally accepted accounting principles ("U.S.
GAAP") for interim financial information and with instructions to Form 10-QSB of
Regulation  S-X.  Accordingly,  they  do  not include all of the information and
footnotes  required  by  U.S.  GAAP  for  complete  financial  statements.  The
preparation  of  the  consolidated  financial statements in conformity with U.S.
GAAP  requires  management  to  make  estimates  and assumptions that affect the
amounts  reported  in  the  consolidated  financial  statements and accompanying
notes.  Actual  results  could  differ  from  estimates.  In  the  opinion  of
management,  all adjustments, which consist of normal and recurring adjustments,
necessary  for fair presentation have been included.  These financial statements
should  be  read  in conjunction with the financial statements and notes thereto
included  in  the Company's 2005 Annual Report on Form 10-KSB for the year ended
June  30,  2005,  as  filed  with  the  Securities  and  Exchange  Commission.

Stock-Based Compensation
------------------------

The Company has stock-based employee compensation, which is described more fully
in  Note  12  to  the audited financial statements of the Company as of June 30,
2005.  The  Company  accounts  for  this  compensation under the recognition and
measurement  principles  of  APB  Opinion  25,  "Accounting  for Stock Issued to
Employees",  and  related  Interpretations,  and has adopted the disclosure-only
provisions of SFAS 123, "Accounting for Stock-Based Compensation."  Accordingly,
no  compensation  cost  has  been recognized in the financial statements, as all
options  granted had an exercise price equal to or greater than the market value
of  the underlying common stock on the date of grant.  No new stock options were
granted  during  the  nine  months  ended  March  31,  2006.

Had compensation cost for the Company's stock option plans been determined based
on  the fair value at the grant date consistent with the provisions of SFAS 123,
the  Company's net loss for the nine months ended March 31, 2006 would have been
reduced  to  the  pro  forma  amounts  indicated  below:

<TABLE>
<CAPTION>
                                                        2006         2005
                                                    ------------  -----------
<S>                                                 <C>           <C>
Net loss as reported                                $(1,329,079)    (895,463)
Deduct:
  Total stock-based employee compensation expense
  determined under fair value based method for all
  awards, net of related tax effects                          -     (195,988)
                                                    ------------  -----------

Net loss pro forma                                  $(1,329,079)  (1,091,451)
                                                    ============  ===========

Loss per share:
  Basic and diluted - as reported                   $     (0.01)       (0.01
                                                    ============  ===========
  Basic and diluted - pro forma                     $     (0.01)       (0.01)
                                                    ============  ===========
</TABLE>

Effective  July  1,  2006 (the beginning of the Company's next fiscal year), the
Company  will  be  required  to  adopt  SFAS 123R to account for its stock based
compensation.  The  Company  plans to adopt the "modified prospective method" of
SFAS 123R. The impact of the adoption of this standard will depend on the amount
of  stock  options  that  the  Company  issues in the future, however, it is not
expected  to  have  a  significant  effect  on  operations.

Principles of Consolidation
---------------------------

The  consolidated  financial  statements  include  the  accounts  of  Intrepid
Technology  and  Resources,  Inc.  and  its  wholly-owned  subsidiaries.  All
significant  intercompany  balances  and  transactions  have  been  eliminated.

Reclassifications
-----------------


                                        6
<PAGE>
Certain  accounts  in  the  2005  unaudited  financial  statements  have  been
reclassified  to  conform  to  the  presentation in the 2006 unaudited financial
statements.


Note 2 - Going Concern
----------------------

As  of  March  31,  2006, the Company has a stockholders deficit, has incurred a
loss,  and  has  negative  cash  flows  from  operations.  These  factors  raise
substantial  doubt  about  the Company's ability to continue as a going concern.

The  Company  has  partially mitigated the Going Concern as a result of entering
into  the  agreement  with  Cornell  Capital  as  discussed  in Note 4 below and
Management has engaged an investment banking firm to obtain bond financing under
a  State  of  Idaho approved bond inducement resolution to expand operations and
production  capabilities.  While  activities  continue on schedule for this bond
financing,  there  can be no full assurance that such funds will be available to
the  Company  nor  that  these  efforts  will  be  successful.


Note 3 - Supplemental Cash Flow Information
-------------------------------------------

Actual amounts paid for interest and income taxes are approximately as follows:

<TABLE>
<CAPTION>
                                              2006    2005
                                            -------  ---------
<S>                                         <C>      <C>
          Interest                          $ 26,469     1,834
                                            ========  ========

          Income taxes                      $      -         -
                                            ========  ========
</TABLE>

During the nine months ended March 31, 2006, the Company:

     -    Issued 545,128 shares of common stock in exchange for accounts payable
          and accrued expenses of $21,008.

     -    Issued 6,363,637 shares of common stock in exchange for long-term debt
          of $350,000.

During the nine months ended March 31, 2005, the Company issued common stock in
exchange for services, prepaid assets and debt of $587,023.


Note 4 - Standby Equity Distribution Agreement
----------------------------------------------

On  March  10,  2005,  the  Company  entered  into a Standby Equity Distribution
Agreement  (SEDA)  with Cornell Capital Partners, LP (Cornell).  Pursuant to the
SEDA, the Company may, at its discretion, periodically sell to Cornell shares of
common stock for a total purchase price of up to $25 million.  For each share of
common  stock  purchased under the SEDA, Cornell will pay the Company 99% of the
lowest  closing  bid  price of the common stock on the Over-the-Counter Bulletin
Board  or  other  principal market on which the Company's common stock is traded
for the five days immediately following the notice date.  Cornell will retain 5%
of  each  advance  under  the  SEDA.


                                        7
<PAGE>
ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The  following discussion contains forward-looking statements that involve known
and  unknown  risks  and  uncertainties which may cause actual results in future
periods to differ materially from those indicated herein as a result of a number
of  factors,  including,  but  not  limited  to,  those  set  forth  under Legal
Proceedings, and the discussion below.   When the Company uses words like "may,"
"believes,"  "expects,"  "anticipates," "should," "estimate," "project," "plan,"
their  opposites  and similar expressions, the Company is making forward-looking
statements.  These  expressions  are  most  often used in statements relating to
business  plans,  strategies,  anticipated  benefits  or  projections  about the
anticipated  revenues,  earnings  or  other aspects of our operating results. We
make  these statements in an effort to keep stockholders and the public informed
about  our business and have based them on our current expectations about future
events.  Such statements should be viewed with caution. These statements are not
guarantees  of  future performance or events. As noted elsewhere in this report,
all  phases  of  our  business  are  subject  to  uncertainties, risks and other
influences,  many of which the Company has no control over. Additionally, any of
these  factors,  either  alone  or taken together, could have a material adverse
effect  on  the  Company  and could change whether any forward-looking statement
ultimately  turns  out  to  be  true.  The  Company  undertakes no obligation to
publicly  release  updates  or  revisions  to  these  statements.  The following
discussion  should  be  read  in conjunction with audited consolidated financial
statements  and  the notes filed thereto on Form 10-KSB with the U.S. Securities
and  Exchange  Commission  for  the  year  ending  June  30,  2005.

RESULTS OF OPERATIONS
---------------------

REVENUE

Revenue for the quarter ended March 31, 2006, increased 148% to $97,592 compared
to  $39,287  for  the  same period of 2005.    Revenue for the nine months ended
March 31, 2006, was $358,880 compared to $187,060 for the same nine months ended
March  31,  2005.   This increase for both the three and nine months ended March
31,  2006  was  mainly  the  result  of  increased sales of contracted "work for
others"  over  the corresponding periods of one year ago. The Company intends to
continue  to  pursue opportunities for outside contracting at the Idaho National
Laboratory  and other government and private facilities to the extent that these
opportunities  do  not  significantly  interfere with and the Company's shift to
designing  and  building  of biogas facilities.  The Company's current principal
focus  is  on the Biogas fuels facility, for which revenue will be minimal until
the  facility  comes on line and is producing biofuels.  For biofuels facilities
that  the Company designs, constructs and operates for others, it is anticipated
that  revenue  will  be  recognized more rapidly, as such services are provided.

In  both  three  month  periods  ending  March  31, 2006 and 2005, the Company's
primary  customers  were Idaho National Laboratory ("INL") at Idaho Falls, Idaho
and  Oak  Ridge Associated Universities (ORAU).  INL and ORAU both provided more
than  ten  percent  of  the  total  revenue  recognized  by the Company in those
periods.

DIRECT OPERATING COSTS

Direct operating costs for the three months ending March 31, 2006 and 2005, were
$73,049  and  $46,565  respectively,  representing a 57% increase.  For the nine
months  ended  March  31, 2006 direct operating costs also increased to $288,744
from  $185,403  in  2005.  The  increase  is  due  to  the increased general and
administrative,  research and development costs associated with ongoing research
and  optimization activities at the Company's Whitesides Biogas Plant and design
and  construction  activities  at  its  West  Point  Biogas  Plant.  The Company
continues  its  efforts  to  reduce  direct  costs  by  using less subcontracted
services,  eliminating  certain  rental fees, making better use of supplies, and
exercising  better  management  of  direct  payroll  costs.

GROSS PROFIT

The  Company  had  a gross profit of $24,543 in the quarter ended March 31, 2006
compared to a loss of $7,278 for the same quarter in 2005.   For the nine months
ended  March  31,  2006  the  Company  had a gross profit of $70,136 compared to
$1,657  for  the same period in 2005.  The overall increased profit for the nine
months  ending  March  31,  2006  is  due to increased revenue from the sales of
outside  contracted  work.


                                        8
<PAGE>
GENERAL AND ADMINISTRATIVE EXPENSES

For  the  three months ended March 31, 2006, general and administrative expenses
were  $415,399  compared  to $355,136 for the same quarter ended March 31, 2005.
This  17%  increase  was  the result of increased administrative expenses beyond
those required for the previous engineering services work, and adding expense as
the  Company increased efforts in expanding the Biogas operations.  For the nine
months  ended  March  31,  2006,  general  and  administrative expenses likewise
increased  26%  for  the same reasons to $1,093,366 compared to $866,736 for the
same  period  of  2005.

INTEREST INCOME

For the three and nine months ended March 31, 2006, the Company received $12 and
$12  respectively  on  investment  capital.  The Company received $1 and $993 of
interest  income  on  investment  capital for the corresponding periods in 2005.

INTEREST EXPENSE

For  the  three months ended March 31, 2006, the Company had interest expense of
$20,046  compared  to $3,599 for the same period ending March 31, 2005.  For the
nine  months  ended  March  31, 2006 the Company had interest expense of $98,388
compared  to  $18,633  for  the same period ending March 31, 2005.  The interest
expense  was for interest paid on the term loan, debentures and on notes payable
to  others  and  to officers and employees of the Company.  With the anticipated
bond  offering  to  finance the first two biogas facilities, interest expense is
likely  to  increase  in  future  periods.

NET LOSS

For  the  three  months  ended  March  31,  2006,  the Company had a net loss of
$485,817  compared to a net loss of $366,012 for the same period ended March 31,
2005.  For  the  nine  months ended March 31, 2006 the Company had a net loss of
$1,329,079  compared  to  a net loss of $895,463 for the same period ended March
31,  2005.  In  2005,  the  loss  was  due  to a significant drop in engineering
contract revenue, while the transition to the biofuels business was starting up.
For  2006,  the transition to the new biofuels business accelerated, but revenue
will  not  be  received  until  the  first  facility is online and biogas can be
delivered  to  the  customer.

MANAGEMENT'S PLAN OF OPERATION
------------------------------

Providing  engineering  and  technical  services  has been the primary source of
revenue,  and  hence  the  primary  business  focuses,  in the past. The Company
expects  to  continue  providing such services in the future, but with decreased
emphasis.  In  fiscal  year  2006,  the  Company  will  continue its emphasis on
becoming  a  significant  producer  and  distributor  of  biogas  products  and
facilities.  The  following  discussion  provides an overview of our progress in
making  the  transition.

The  fundamental  aspects  of  the  Company's  business  model  are:

     -    Utilize  cutting  edge, but established, technology for the production
          of  biogas  from  large  animal  operations
     -    Utilize  off-the-shelf  equipment  for  clean-up of the biogas to meet
          pipeline-quality  specifications  and  produce  liquid  products
     -    Maintain  equity  positions  on  all  biogas  projects
     -    Begin  operations  in  known  territory (Idaho), and expand into other
          western  states  as  resources  allow
     -    Maximize the utilization of our public company status in the financing
          of  our  projects
     -    Market  biogas  products to local gas utilities, industrial users, and
          transportation  users
     -    Team  with experienced companies for the marketing and distribution of
          biogas  products


                                        9
<PAGE>
DEVELOPMENT  PLAN

Over  the  next four years, the Company plans to place 250,000 head of dairy and
beef  cattle  into  biogas  production.  The  Company will design, construct and
operate these facilities consistent with the business model parameters described
above.

The  centerpiece  of  this  development  plan  is  an  exclusive  geographic and
case-by-case  national  use  and marketing agreement for a proprietary anaerobic
digestion  technology  with  several  distinct and unique operational advantages
when  applied  in  agricultural  settings  and  that  has  a  successful 5+ year
operational  history  with  both  cow  and  swine  waste.

Our  goal  is  to  become  the  premier fully integrated biogas developer in the
United  States.  Our  approach  is  to  use  superior technology and know-how to
convert manure waste from dairy and feedlot operations into high BTU biogas that
can  be  further processed to produce (1) pipeline quality gas for sale to a gas
utility; (2) combustion gas to fuel boilers for processing materials; (3) liquid
natural  gas  for transportation fuel, peaking, and/or remote community service;
and,  eventually,  (4)  hydrogen  to  energize fuel cells for transportation and
distributed  or non-distributed energy sources.  Our range of services includes:

          -    designing,  building,  and  operating  biofuels  facilities
          -    performing  value-added  processing  of  raw  biogas and residual
               products  of  digestion  for  various  applications
          -    marketing,  transportation  and  sales  of  processed  gas

ITR  currently  has an operational biogas production plant in Rupert, Idaho that
processes  manure  waste  from 1,000 cows.  This plant is a commercial prototype
facility  that can be employed to demonstrate the economic viability of the four
product  lines  listed  above.  The  plant  is  currently  undergoing  a  5-fold
expansion  to  keep  pace  with  the parallel expansion of the dairy and will be
complete  by  the  fall  of  2006.  The primary current focus at the plant is on
producing clean gas for sale to a local gas utility and for providing combustion
gas  for  heating  water  for  dairy  operations.

The  Development  Plan  involves  discrete  projects  that will ultimately bring
250,000  Magic  Valley  dairy  cows under production to create the "Magic Valley
Biogas  Field"  in  the  Magic  Valley  area  of south-central Idaho.  The first
project will provide facilities and infrastructure to process manure from 50,000
dairy  cows  and  will  be  executed  in  two  distinct  phases:

     Phase  I  consists  of  10,500 cows located on 2 different dairies and
     establishes  the  west anchor point to the Magic Valley Westside field
     as  well  as  expands  the Rupert plant to full capacity. Construction
     began  in  CY  2005  and  is  expected  to  be  complete  in  CY 2006.

     Phase  II  consists  of  40,000  cows located on 3-5 different dairies
     (depending  on outcomes of individual dairymen's current consolidation
     and  expansion  plans).  Design  will  be  initiated  in  CY  2006 and
     construction  is  anticipated  to  begin  in  CY-2007.

This  project will be financed through a combination of debt and equity with the
debt  portion coming through the sale of bonds and the equity from a combination
of  capital obtained through the Standby Equity Distribution Agreement (see Note
4  above),  outside  equity  investment  and  from  profits  on future revenues.
Capital cost will be approximately $35 million, the first phase of which will be
just  over  $10 million.  These funds will provide for anaerobic digester plants
constructed  at  participating  dairies, gas conditioning clean-up equipment for
processing  the  raw  biogas to pipeline quality standards, and a supporting gas
line gathering system to transport the clean gas to the gas utility distribution
system.  A  majority of the costs (approximately 70%) is for construction of the
digesters.

This project will provide over 1 billion cubic feet of biogas annually, which,
in turn, will yield over 1 million mcf of clean gas for sale to a local gas
utility.


                                       10
<PAGE>
ADDITIONAL  INFORMATION

The  Company  also  plans  to  increase  sales  and  expand  its engineering and
scientific  services  base via new customer contracts. Revenue generated will be
used  to  meet  cash flow requirements with any excess being used to support and
develop  the  Company's  biofuels  production  initiatives.

At  the  present  time the Company does not anticipate paying dividends, cash or
otherwise,  on its Common Stock in the foreseeable future. Future dividends will
depend on earnings, if any, of the Company, its financial requirements and other
factors.  The  Company's  main focus is now in the biofuels market, specifically
the production of biogas. The Company has made two acquisitions for the vertical
integration  of  the  business and the ability to have ready available access to
sell  the gas production into the market place. The Company is also in the final
stages  of  divesting  its  interests  in  the  mining and mineral rights in the
Garnett  mine  in  Montana.  The  terms  of  the  proposed Agreement provide the
Company with a 1st lien on any minerals mined from the property until the amount
owed  to the Company is paid in full.  Any proceeds realized as a result of this
Agreement  will  be  used  to provide additional working capital. The Company is
currently  seeking  other investment capital to support the existing and ongoing
operations  of  the  Company  and  these  projects.


CAPITAL  RESOURCES  AND  LIQUIDITY

As  the  Company  expands  into  the  biofuels business, it will face continuing
challenges  to finance this growth.  This is particularly true of Phase I of the
Magic  Valley  development  projects  described  above.  To  obtain  the  funds
necessary  to  complete  these  capital assets, the Company is in the process of
obtaining  bond financing.  It is anticipated that approximately $7 million will
be  made available for these design and construction efforts.  This debt will be
payable  over  a  15 year period, starting after the anticipated commencement of
full  operations  at these two facilities.  Management believes that these funds
will  be  adequate  to  complete  these  facilities.

In  addition  to  the capital expenditures for these first facilities, financing
resources  are  needed  to  support operations.  The Company has made reasonable
efforts  to meet cash flow demands from ongoing operations but the Company still
may  not  always  be  able to obtain funds under the Standby Equity Distribution
Agreement  (SEDA)  or obtain sufficient amounts to satisfy the Company's working
capital  or  other  capital needs.  The Company finished the quarter ended March
31,  2006  with  cash available of $276,749 compared to $65,737 at June 30, 2005
The  Company  believes  that  it will be necessary to continue to supplement the
cash  flow  from operations with the use of outside resources such as investment
capital  by issuance of debenture notes and stock.  The Company plans to use any
additional  funding  to  assist  in  the  Biogas  production  facility  that  is
considered  construction  in  progress,  a  component  of  Property,  plant  and
equipment,  net,  on  the  balance  sheet.

As  of  March  31,  2006,  the  Company had negative working capital of $850,273
compared  to  a  deficit  of $599,197 as of June 30, 2005.  The current ratio at
March  31, 2006 was: 0.33:1 and 0.30:1 at June 30, 2005.  This increased deficit
is  due  primarily  to  long-term  debt  related to construction expenses on the
WestPoint  Biogas  Plant.

On November 30, 2005, the Company signed an unsecured Promissory Note with Zions
First  National  Bank  in  the amount of $100,000.  The note had a fixed rate of
8.00% and was paid in full on March 3, 2006.  The Company also signed Promissory
Notes  in the amount of $75,000 each with two private individuals on October 31,
2005.  These 8% APR notes were paid in full on March 28, 2006.  The Company also
paid  off  its  unsecured  shareholder  notes  payable  from  certain  officers,
employees  or  directors on March 28, 2006.  The first shareholder creditor, Mr.
Kenoyer,  made two loans to the company.  The first loan accrued interest at the
rate  of  10  percent  and  the second at 7 percent.  The combined principle and
interest  for  both  loans  was  $24,774.   The second shareholder creditor, Mr.
Dustin,  also  made  two loans to the company.  The first accrued interest at 10
percent  and  the  second at 7 percent.  The combined principle and interest for
both  of  Mr.  Dustin's  loans  was  $47,426.   Payment of these obligations has
significantly  reduced  the  Company's  long  term  debt.

During  the  nine  months  ended  March  31,  2006, the Company used net cash of
$1,116,731  for  operating  activities, compared to $604,961 of net cash used in
operating  activities  for  the  2005  period.  The  increase  of  cash  used by
operating  activities  is  mainly  the  result  of  increased  general  and
administrative  and  research  and development expenses, and bond offering costs
for  construction  projects.


                                       11
<PAGE>
During  the  nine  months  ended  March  31,  2006, the Company used $576,952 in
investing  activities,  primarily  in  biogas  generating  facility construction
costs,  compared  to  $660,625  used  in  the  year  earlier  period.

During  the  nine  months  ended  March  31, 2006, financing activities provided
$1,904,695  in net cash, consisting of $2,087,848 net of costs from the issuance
of  common stock, offset in part by payments on long-term debt of $1,109,471, on
related  party  notes  payable  of  $60,613,  and common stock offering costs of
$115,750.  In  the comparable period for 2005, the Company had $1,141,295 of net
cash  provided  by financing activities, which consisted of $522,672 in proceeds
from  stock  sales,  $35,000  from  the  net  change of stock subscriptions, and
$622,476 net of costs from debenture sales, offset by payments on long-term debt
of  $38,853.

Debenture  Debt
---------------

The Company issued convertible debentures to Cornell Capital Partners, LP in the
original  principal  amount  of  $750,000  in  October 2004.  The debentures are
convertible at the holder's option any time up to maturity at a fixed conversion
price  of  $.055  per  share.  The  debentures  are secured by the assets of the
Company.  The  debentures  have  a three-year term and accrue interest at 5% per
year.   At  maturity,  October  14,  2007,  if  not  repaid, the debentures will
automatically convert into shares of common stock at a fixed conversion price of
$.055  per  share.  As  of  March  31,  2006  $350,000 of the debenture had been
converted.  On  April  13,  2006 Cornell converted an additional $200,000 and on
April  18,  they  converted the remaining $200,000 balance thus liquidating that
debt.

Standby  Equity  Distribution  Agreement.
----------------------------------------

The  Company  has  a  Standby  Equity Distribution Agreement (SEDA) with Cornell
Capital  Partners  LP.  As  of  March 31, 2006 the Company has issued 41,559,383
shares  under  this agreement, plus an initial issuance of $500,000 worth of the
Company's  stock as a commitment fee for this commitment.  Under this agreement,
the  Company may issue stock worth up to $25,000,000, through March 2007.  As of
March  31,  2006  an additional $23,000,000 was potentially available under this
agreement.  It  is the Company's intent to utilize this relationship only to the
extent  necessary  to  finance the transition of the Company's operations to the
biofuels  business.

Seasonal Changes -The Company's operating revenue is generally not affected by
----------------
seasonal changes.

RECENT ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards ("SFAS") No. 151, "Inventory Costs -
an  amendment  of  ARB  No.  43,  Chapter 4", SFAS No. 152, "Accounting for Real
Estate  Time-Sharing  Transactions  - an amendment of FASB Statements No. 66 and
67",  SFAS  No.  153,  "Exchanges  of  Nonmonetary  Assets - an amendment of APB
Opinion  No 29", and SFAS No. 154, "Accounting Changes and Error Corrections - a
replacement  of  APB  Opinion  No.  20  and FASB Statement No. 3", were recently
issued.  SFAS  No  151,  152,  153, and 154 have no current applicability to the
Company  or  their  effect  on  the  financial  statements  would  not have been
significant.

In December 2005, the FASB issued SFAS 123 (revised 2005), "Accounting for Stock
Based  Compensation."  This statement supersedes APB Opinion No. 25, "Accounting
for  Stock  Issued  to Employees."  This revised statement establishes standards
for  the  accounting  of  transactions  in  which an entity exchanges its equity
instruments  for  goods  and  services,  including the grant of stock options to
employees  and  directors.  The  Statement is effective for the Company's fiscal
year  beginning  July  1,  2006,  and  will  require  the  Company  to recognize
compensation  cost  based on the grant date fair value of the equity instruments
its  awards.  The  Company  currently  accounts  for those instruments under the
recognition  and  measurement  principles  of  APB  Opinion  25,  including  the
disclosure-only  provisions  of  the  original  SFAS  123.  Accordingly,  no
compensation  cost  from  issuing  equity instruments has been recognized in the
Company's  financial  statements.  The  Company  estimates  that  the  required
adoption  of  SFAS  123  (R) will not have a negative impact on its consolidated
financial  statements.


                                       12
<PAGE>
RISK FACTORS

The  Company's  current  and  primary  focus is obtaining permits and developing
favorable  properties  for  alternative  and  renewable  energy  production, and
providing the associated engineering design and construction management services
required  to  support  the construction and operation of related facilities, and
cannot  provide  any guarantees of profitability at this time.  The Company will
continue  to expand its engineering services base, "work for others" to generate
additional  revenue  to  augment  working capital requirements in support of its
alternative  and  renewable  energy  efforts.  The  realization  of  profits  is
dependent  upon  successful  execution  of  new  business  opportunities and the
development  of  prototype  digester  models  and implementation of the digester
project  for  renewable  energy.  The  Company is dependent upon inducing larger
companies  or  private  investors  to  purchase  these  "turn-key"  alternative
renewable  energy  generation  and  production  facilities.  These projects when
developed and depending on their success will be the future of the Company.  The
Company  may  not  be  successful  in  these  efforts.

Our  operating  results  are  difficult  to predict in advance and may fluctuate
significantly,  and  a  failure  to  meet  the  expectations  of analysts or our
stockholders  would  likely  result in a substantial decline in our stock price.

Factors that are likely to cause our results to fluctuate include the following:

-  the  amount  and  timing  of our operating expenses and capital expenditures;
-  the  success  or  failure  of  the  alternative  energy and biofuels projects
currently  underway;
-  the  timing,  rescheduling  or  cancellation  of  engineering customer's work
orders;
-  our  ability to specify, develop, complete, introduce and market biofuels and
bring  them  to  volume  production  in  a  timely  manner;
-  the  rate  of adoption and acceptance of new industry standards in our target
markets;
-  any  other  unforeseen  activities  or  issues.

There  is  a  limited  public  market  for our common stock. Our common stock is
listed  on  the OTC Bulletin Board, and there is a limited volume of sales, thus
providing a limited liquidity into the market for our shares. As a result of the
foregoing,  stockholders  may  be  unable  to  liquidate  their  shares.

We  are subject to various risks associated with the development of the biofuels
and  alternative  energy market place and if we do not succeed our business will
be  adversely  affected.

Our  performance will largely depend on our ability to develop and implement the
anaerobic  digester  biogas field concept and generate gas and fiber co-products
for  sale.  We intend to respond to technological advances and emerging industry
standards  and practices on a timely and cost-effective basis however, we cannot
predict  if  we  will be effective or succeed in the development of the biofuels
and  alternative  energy  markets.  If  we  are  unable,  for  technical, legal,
financial  or  other reasons, to adapt in a timely manner to develop and operate
in  the  biofuels  market,  our  business,  results  of operations and financial
condition  could  be  materially  adversely  affected.

If  we  need additional financing, we may not be able to raise further financing
or  it  may only be available on terms unfavorable to us or to our stockholders.

Available  cash  resources may not be sufficient to meet our anticipated working
capital and capital expenditure requirements, if the anaerobic digester does not
produce  revenue  for  at  least  12  months.  It  may become necessary to raise
additional  funds  to respond to business contingencies, which could include the
need  to:

-  fund  additional  project  expansion  for  the  biofuels  production;
-  fund  additional  marketing  expenditures;
-  develop  additional  alternative  energy  projects  or  enhance  the WOBF gas
products;
-  enhance  our  operating  infrastructure;
-  hire  additional  personnel;
-  acquire  other  complementary  businesses  or  technologies.

If  we raise additional funds through the issuance of equity or convertible debt
securities,  the  percentage ownership of our stockholders would be reduced, and
these  newly  issued  securities  might  have  rights, preferences or privileges
senior  to  those  of  existing  stockholders. Additional financing might not be
available  on  terms  favorable  to  us,  or  at


                                       13
<PAGE>
all.  If  adequate  funds were not available or were not available on acceptable
terms,  our  ability  to  fund  our  operations, take advantage of unanticipated
opportunities,  develop  or  enhance  our  products  or  otherwise  respond  to
competitive  pressures  would  be  significantly  limited.

ITEM 3.  CONTROLS AND PROCEDURES

(a)     Under  the  supervision  and  with  the participation of our management,
including  our  principal  executive officer and principal financial officer, we
conducted  an evaluation of our disclosure controls and procedures, as such term
is defined under Rule 13a-14(c) promulgated under the Securities Exchange Act of
1934,  as  amended  (the "Exchange Act"), as of the end of the period covered by
this  report.  Based  on  this  evaluation,  our principal executive officer and
principal financial officer concluded that enhancements could be made to improve
our  disclosure  controls and procedures to provide more effective alerting on a
timely  basis  to  material  information  relating to our Company (including its
consolidated  subsidiaries)  required  to  be  included  in our reports filed or
submitted  under the Exchange Act.   Accordingly, management has implemented and
continues  to  implement  procedural  changes  to  improve  internal  controls.

(b)     These  changes  (including corrective actions with regard to significant
deficiencies  or  material  weaknesses)  in our internal controls over financial
reporting are not considered so significant as to be materially affected or that
could  materially  affect  these  internal  controls  over  financial reporting.


                                       14
<PAGE>
                            PART II OTHER INFORMATION
                            -------------------------

ITEM 1. LEGAL PROCEEDINGS.

None

ITEM 2. CHANGES IN SECURITIES.

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 5. OTHER INFORMATION.

None

ITEM 6.     EXHIBITS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Exhibit                                 Description                             Incorporated by Reference from
   No.                                                                                    Registrant's
--------------------------------------------------------------------------------------------------------------
<S>      <C>                                                                    <C>
31.1     Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer  May 9, 2006
--------------------------------------------------------------------------------------------------------------
31.2     Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
         by Vice-President, Secretary and Treasurer                             May 9, 2006
--------------------------------------------------------------------------------------------------------------
32       Certification pursuant to 18 U.S.C. SECTION 1350 by Chairman and
         Chief Executive Officer and Vice-President, Secretary and Treasurer    May 9, 2006
--------------------------------------------------------------------------------------------------------------
</TABLE>


                                       15
<PAGE>
                                   SIGNATURES
                                   ----------

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.

                                          INTREPID TECHNOLOGY & RESOURCES, INC.
                                                      (Registrant)


Date: May 9, 2006                         By: /s/ Dr. Dennis D. Keiser,
                                              -------------------------
                                              Chief Executive Officer &
                                              -------------------------
                                              President & Acting Chief
                                              ------------------------
                                              Financial Officer
                                              -----------------


Date: May 9, 2006                         By: /s/ Dr. Jacob D. Dustin,
                                              ------------------------
                                              Vice President, Secretary,
                                              --------------------------
                                              and Treasurer
                                              -------------


                                       16